2007 Reference document (PDF) - Valeo

3 Consolidated
PAGE 124
fi nancial statements at December 31, 2007
Notes to consolidated financial statements
At December 31
(In millions of euros)
2007 Reference document - VALEO
Carrying
amount
2006 2005
Fair
value
Carrying
amount
ASSETS
Non-current financial assets:
▪ i nvestments in non-consolidated companies
2 2 9 9
▪ l oans
16 16 12 12
▪ d eposits and guarantees
3 3 3 3
▪ o ther non-current financial assets
3 3 4 4
Accounts and notes receivable
Other current financial assets:
1,834 1,834 1,906 1,906
▪ d erivative instruments (assets) eligible for hedge accounting
7 7 22 22
▪ d erivative instruments (assets) ineligible for hedge accounting
2 2 1 1
▪ o ther
1 1 1 1
Cash and cash equivalents
LIABILITIES
618 618 949 949
Bonds 607 576 1,119 1,126
OCEANE (debt component) 438 433 430 440
Syndicated loans 219 221 224 225
Other long-term debt 64 64 111 111
Accounts and notes payable
Other current financial liabilities:
1,955 1,955 1,925 1,925
▪ d erivative instruments (liabilities) eligible for hedge accounting
10 10 5 5
▪ d erivative instruments (liabilities) ineligible for hedge accounting
1 1 3 3
▪ o ther
- - 1 1
Short-term debt 274 274 157 157
The principal terms and conditions of borrowings (bonds,
OCEANE convertible bonds and syndicated loans) are described
in section 4.10.2, while the basis for recognition is set out in
note 1.13.
The fair value of bonds is calculated on the basis of listed prices on
active markets. For the debt component of the OCEANE convertible
bonds and for the syndicated loans, fair value is estimated by
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Fair
value
discounting future cash flows at the market interest rate applicable at
year-end, using an issuer spread for the Group estimated at 0.596%
for the OCEANE and at 0.87% for the syndicated loans. The fair value
of other debt is equal to its carrying amount.
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